Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (July 2021)
181 slides from Endeavour Mining's investor presentation, July 2021
Slide 1: The West African Gold Champion
THE WEST AFRICAN GOLD CHAMPION Corporate Presentation July, 2021
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour overview Unmatched competitive advantage 2 in West Africa 3 Outlook and results 4 Details by mine and project 5 ESG 6 Appendix 2
Slide 3: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance activities; changes in national and local government legislation, regulation of mining measures with no standard meaning under IFRS. This presentation contains statements
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour Mining Overview
ENDEAVOUR MINING OVERVIEW A premier diversified West African gold producer 6 +6,000 CORE EMPLOYEES MINES 1.4-1.5Moz 850-900/oz 2021 PRODUCTION TARGET 2021 AISC TARGET 33Moz 18Moz M&I RESOURCES P&P RESERVES 5
Slide 6: Our Purpose
OUR PURPOSE TO PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We do so while protecting and promoting the places where it comes from. Our work is a partnership, helping to create resilient and self-sustaining communities, where people are equipped with the skills, knowledge and expertise needed
Slide 7: Our Journey to Create a High Quality Portfolio
OUR JOURNEY TO CREATE A HIGH QUALITY PORTFOLIO Organic growth Strategic Organic and divestments consolidation growth New strategy SEMAFO New Sabodala Houndé Ity CIL acquisition Fetekro and under new exploration Phase 1 Kalana built built announced Kalana PFS management strategy complete DFS 2016 201
Slide 8: Company Profile
COMPANY PROFILE Shareholder Distribution RETAIL LA MANCHA TABLO BARRICK MANAGEMENT INSTITUTIONAL Ticker TSX:EDV Europe Shares outstanding as at 30 June, 2021 251m Share price as at 12 July, 2021 C$27.62 / £16.30 TABLO Market cap as at 12 July, 2021 US$5.55bn Net debt as at March 31, 2021 US$162m Oth
Slide 9: The New Senior Gold Producer
THE NEW SENIOR GOLD PRODUCER Now positioned as one of the largest producers with strong fundamentals KEY STATS Production for Senior Gold Producers1 AISC for Senior Gold Producers1 7Moz $1,200 6Moz $1,000 5Moz 4Moz $800 1.4-1.5Moz 3Moz $600 2021 PRODUCTION TARGET 2Moz $400 1Moz $200 Barrick Newmont
Slide 10: Entering a New Phase in 2021
ENTERING A NEW PHASE IN 2021 Vision to be a best in class senior gold producer High Quality Portfolio: - Industry-leading operational excellence Create a resilient - Proven project development business - Unlocking exploration value - Active portfolio management Disciplined Capital Allocation: - Prud
Slide 11: Creating a Resilient Business with a High Quality Portfolio
CREATING A RESILLIENT BUSINESS WITH A HIGH QUALITY PORTFOLIO Generate sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMIZATION PILLARS <$900/oz Diversification All-in sustaining cost across multiple countries and mines +10 YEARS Produc
Slide 12: Production Outlook
PRODUCTION OUTLOOK Ability to maintain +1.5Moz of high-quality production with organic growth +1.6Moz PRODUCTION AND ALL-IN SUSTAINING COSTS <<$900/oz For discontinued operations For continuing operations +1.5Moz <$900/oz 1.4-1.5Moz <$900/oz 908koz $873/oz 2013 2014 2015 2016 2017 2018 2019 2020 202
Slide 13: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on management model with teams close to operations Senior Management Sebastien de Montessus CEO & Director 2h40 Dakar SENEGAL 1h30 Joanna Pearson MALI Karma CFO GAMBIA Mine Sabodala-Massawa Mine BURKINA Ouagadougou FASO GUINEA- Bamako Mana Henri
Slide 14: Operational Excellence: Safety
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Safety is our top priority Group Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.14 Lost Time Injury Frequency Rate 0.40 0.20 0.18 0.10 0.12 0.14 4 LTIs Over the past 12 months Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 L
Slide 15: Adoption of Responsible Gold Mining Principles
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Adoption of World Gold Council’s Responsible Gold Mining Principles Adopted from the World Gold Council Responsible Gold Mining Principles › An overarching framework that sets out clear expectations as to what constitutes responsible gold mining › Desi
Slide 16: Group Support Functions
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Slotted SMF & TGZ assets within our well-established West African operating model SEMAFO AND TERANGA › On track to realise $100 million of recurring annual Lean Corporate Head Office synergies from both transactions by year-end › $33m procurement and s
Slide 17: Eighth Consecutive Year of Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Eighth consecutive year of meeting guidance Production1,2,3, on a 100% basis, in koz All-in Sustaining Costs1,2,3, in $/oz Guidance Guidance 1,100 1,000 900 1,010 800 700 922 600 886 1,066 869 890 500 843 400 818 727 663 651 300 593 516 466 200 100 0 2
Slide 18: Strong Diversification Across Assets and Countries
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Strong diversification across assets and countries Assets acquired from Teranga 7 Assets acquired from SEMAFO Original Endeavour assets Divested assets Wahgnion Mana Mines Sabodala-Massawa Boungou Production Agabou Q1-20211 Ity Production Q1-2020 Karma
Slide 19: Project Development: Exposure Across Asset Lifecycle
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Strong exposure across asset lifecycle Daoukro Cluster Côte d’Ivoire Siguiri Nabanga Fetekro Kofi Trend Guinea Burkina Faso Côte d’Ivoire Bondoukou Cluster Wahgnion Karma Mali Côte d’Ivoire Mana Golden Hill Mt. Ba/Gueya Burkina Faso Barrick JV Sia/Sianiko
Slide 20: Strong Construction Track Record
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILDS COMPLETION NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014 ON-SCHEDULE HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 ON-BUDGET 0 LTIs 20
Slide 21: Sabodala-Massawa Expansion; Fetekro and Kalana
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Sabodala-Massawa expansion underway; progressing DFS on greenfields BROWNFIELD PROJECT: GREENFIELD PROJECTS: SABODALA-MASSAWA EXPANSION FETEKRO KALANA PHASE 1 INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: › Debottlenecking the plant back-end › Mine life: 10 years
Slide 22: Attractive Organic Growth Opportunities
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Attractive organic growth opportunities INSIGHTS ASSET Fetekro Kalana Bantou Nabanga Golden Hill Afema JV › Endeavour continues to build optionality within its portfolio by progressing exploration and studies in its project pipeline. Côte Burkina Burkina
Slide 23: Unlock Exploration Value: 2021 Budget
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 $70-90 million budget for 2021 with strong focus on new assets 2021 Exploration Budget Ity Wahgnion 11% 15% Mana 10% Sabodala-Massawa 16% $70-90 Hounde 9% million Boungou 9% Greenfields and other 30% Q1-2021 Exploration Spend Wahgnion 6% Ity Sabodala
Slide 24: Screening and Ranking Methodology
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Screening and ranking methodology Exhaustive screening of all Strategic >200 potential targets Prioritization CONSERVATIVE First filtering APPROACH SIMILAR TO THAT USED IN Exploration budget OIL & GAS INDUSTRY required per target to 130+ target scree
Slide 25: On Track to Meet 5-Year Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On track to meet 5-year exploration targets Total Indicated discoveries and targets1 Excludes assets acquired in SEMAFO and Teranga transactions Indicated resources discovered Indicated resources targeted % Cumulative Indicated resources against 5-ye
Slide 26: Low Discovery Cost
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit Excludes assets acquired in SEMAFO and Teranga transactions $12/oz From mid-2016 to end of 2020 unless indicated otherwise $149/oz Average Endeavour discovery cost per deposit to da
Slide 27: Portfolio Management
CORPORATE PRESENTATION 4 444 PORTFOLIO MANAGEMENT Focused on long-life and low AISC assets INSIGHTS Endeavour’s Producing Portfolio1 AISC, $/oz Tabakoto $1,300 SOLD: $1,250 › Youga (2016) $1,200 Nzema Mana › Nzema (2017) $1,150 › Tabakoto (2018) $1,100 › Agabou (2021) Karma Mana $1,050 Agbaou Wahgni
Slide 28: Strong Return on Capital Employed
CORPORATE PRESENTATION REWARD SHAREHOLDERS Strong return on capital employed Return on Capital Employed (ROCE)1 20% +10% 2020 vs 2019 10% 6% 6% +20% ROCE target with strong capital 2017 2018 2019 2020 allocation discipline 1. EBIT (Adjusted EBITDA as in MD&A less depreciation and amortization) divid
Slide 29: Significant Net Debt Reduction in 2020
CORPORATE PRESENTATION REWARD SHAREHOLDERS Significant net debt reduction in 2020 creates foundation for shareholder returns Net Debt Reduction 0.16x (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT DEBT REDUCTION DIVIDENDS PHASE PHASE & BUYBACK ANNOUNCED Low Net Debt/Adj. EBITDA (LTM) r
Slide 30: Shareholder Return Program
SHAREHOLDER RETURN PROGRAM TARGETING TO DISTRIBUTE AT LEAST $500 MILLION AS A MINIMUM DIVIDEND Minimum Dividend, $m ABILITY TO PROVIDE Minimum dividend per share1, $/sh $175m SHAREHOLDER $150m RETURNS ACROSS $125m CYCLES $60m $ 0.60/sh $ 0.70/sh $ 0.50/sh $ 0.37/sh Minimum Progressive Dividend › Pro
Slide 31: Shareholder Return Program
SHAREHOLDER RETURN PROGRAM SHAREHOLDER RETURNS PROGRAMS Endeavour’s Share Buyback Completed To Date in 2021 Dividend ENDEAVOUR IS COMMITTED TO SHAREHOLDER 6% RETURNS 5% › Well positioned to deliver compelling returns to shareholders 4% › Underpinned by a strong balance sheet and our low cost operati
Slide 32: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES Underpinned by a resilient business, disciplined capital allocation and a strong competitive advantage in West Africa RESILIENT BUSINESS + DISCPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Portfolio Trust
Slide 33: Being a Trusted Partner
BEING A TRUSTED PARTNER Supporting host countries and communities KEY 2021 TARGETS EMBEDDED THE UN SDGS INTO OUR ESG STRATEGY 33
Slide 34: Potential to Create Top LSE Premium Listed Gold Producer
CORPORATE PRESENTATION POTENTIAL TO CREATE TOP LSE PREMIUM LISTED GOLD PRODUCER Expect significant indexation demand Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent 3.0Moz TARGETING Premium Segment Standard Segment AIM 2.5Moz FTSE INDEX 2.0Moz INCLUSION 1.5
Slide 35: Upcoming Catalysts
UPCOMING CATALYSTS Q2 Afema Initial resource estimate 2021 Q3 Sabodala-Massawa Exploration update 2021 Q3 Exploration 5-year exploration strategy 2021 Q4 Sabodala-Massawa Completion of Phase 1 plant upgrades 2021 Q4 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2 2021 Q4 Fete
Slide 36: Unmatched Competitive Advantage in West Africa
UNMATCHED COMPETITIVE ADVANTAGE IN WEST AFRICA 2 36
Slide 37: West Africa: Endeavour's Presence
WEST AFRICA ENDEAVOURS' PRESENCE No. 1 GOLDEN OPPORTUNITY No. 1 Gold producer in the region and in each of the countries in which we operate IN WEST AFRICA for global gold discoveries over past decade “Endeavour is strategically positioned with an unmatched competitive advantage in the region.” 20%
Slide 38: Region's Production Growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD 10.0Moz 10.0% PRODUCING REGION Percentage of Global Mine Supply West African Mine Supply 7.5Moz 7.5% +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 39: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA 12Moz IS THE 2ND LARGEST 12Moz GLOBAL GOLD 11Moz 10Moz PRODUCING REGION “Given the golden opportunity in West Africa, 6 out of the top 10 senior 6Moz gold producers have a presence in 6Moz the regi
Slide 40: Endeavour is the Dominant West African Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION (2021E) ENDEAVOUR Endeavour IS THE DOMINANT AngloGold WEST AFRICAN Newmont GOLD PRODUCER Gold Fields Barrick “Given its focus on West Africa, B2Gold Endeavour has a strategic industrial Kinross benefit from being geographically focused, yet diversified across
Slide 41: Endeavour's Operating Model
ENDEAVOUR’S OPERATING MODEL › Geographic focus provides a strong competitive advantage › Largest producer in each of our operating countries › Hands-on management model with teams close to operations › Senior management team spends significant time in-country › General managers empowered and rely on
Slide 42: Industry Exploration Spend
INDUSTRY EXPLORATION SPEND INDUSTRY 2020 EXPLORATION BUDGET In US$ millions 842 WEST AFRICA IS 788 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE “Given that exploration spend often 470 458 foreshadows future production growth, West Africa has the potential to continue to be a large producing re
Slide 43: Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2006-2016 79Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE 50Moz “The region is significantly under- 42Moz explored compared to other regions.” 33Moz 27Moz 27Moz 79 23Moz 22Moz 20Moz Moz 18Moz 16Moz 16Moz 15Moz 13Moz 1
Slide 44: One of the Largest Land Tenement Holdings
UNDER-EXPLORED REGION ENDEAVOUR HOLDS ONE OF THE LARGEST LAND TENEMENT HOLDINGS IN WEST AFRICA 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents Endeavour has a strategic foothold in ~30% of production two of West Africa’s most prospective belts since it is underexp
Slide 45: Control of Full 125km Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 45
Slide 46: Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 46 46
Slide 47: West Africa Operates as a Stable Sector
WEST AFRICA OPERATES STABLE SECTOR AS AN ECONOMIC UNION MINING CODE SIZE West African Economic and Well balanced profit sharing: Extractive sector Monetary Union (WAEMU) › Corporate tax rate between 25- represents a low % 35% of GDP1: › Free-carried interests between › Senegal: 2% 10-15% › Cote d’Iv
Slide 48: Unmatched Competitive Advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s second-largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country Discovered 8.4Moz of Indicated resources In country and regional synergies where we operate at <$25
Slide 49: Outlook and Results
OUTLOOK AND RESULTS 3 49
Slide 50: 2021 Guidance
2021 GUIDANCE Dominant presence in the world’s second-largest producing region INSIGHTS Consolidated Production Guidance › Total production guidance for 2021 of (All amounts in koz, on a 100% basis) UPDATED FY 2021 GUIDANCE 1,365 – 1,495koz at an AISC of $850 - Ity 230 — 250 $900/oz. Karma 80 — 90 ›
Slide 51: 2021 Guidance (Continued)
2021 GUIDANCE (Continued) INSIGHTS Sustaining and Non-Sustaining Capital Expenditure Guidance › 2021 growth capital is estimated at $46 million, mainly for the SUSTAINING NON-SUSTAINING ongoing Phase 1 expansion at the Sabodala-Massawa mine and (All amounts in US$m) CAPITAL CAPITAL studies and holdi
Slide 52: Strong Q1-2021 Performance
STRONG Q1-2021 PERFORMANCE On track to meet strategic objectives for the year KEY Q1-2021 TAKEAWAYS STRONG BUSINESS PERFORMANCE › On track to meet production and AISC guidance for FY-2021 +102% (3%) › Successfully integrated Teranga assets Production AISC vs. Q1-2020 vs. Q1-2020 › Strong focus on sh
Slide 53: Q1 Performance on Track to Meet Guidance
Q1 PERFORMANCE ON TRACK TO MEET GUIDANCE Strong performance across all operating metrics GROUP LTM BELOW LTIFR1 INDUSTRY 0.14 1.10 Industry Average2 Full benefit of Sabodala- Massawa & Wahgnion GROUP consolidation in Q2 Q1 ON-TRACK PRODUCTION 347koz 1,365-1,495koz Guidance $868/oz GROUP $850/oz $900
Slide 54: Production and AISC
PRODUCTION AND AISC Full consolidated benefit of newly acquired Teranga assets expected in Q2-2021 Production and AISC Production AISC from all operations 344koz 347koz +175koz Production 244koz Q1-2021 vs. Q1-2020 172koz 149koz $939/oz +23% $899/oz $906/oz $868/oz $803/oz Production per Share Q1-20
Slide 55: All-in Sustaining Margin
ALL-IN SUSTAINING MARGIN Benefit of larger portfolio improving the Group’s cost position and resilience All-in Sustaining Margin from all operations In $m, unless otherwise indicated Realized 220m Gold Price $92/oz lower gold price $341m $333m +$ All-in Sustaining Margin Q1-2021 vs. Q1-2020 $245m $1
Slide 56: Operating Cash Flow
OPERATING CASH FLOW Benefit of larger portfolio of mines and higher gold price vs. Q1 last year Operating cash flow before working capital1 (from all operations) Impact of $92/oz lower gold price $311m +$ 137m $256m Operating CF pre-WC Q1-2021 vs. Q1-2020 $223m $119m $85m +115% Operating CF pre-WC Q
Slide 57: All-in Sustaining Margin
ALL-IN SUSTAINING MARGIN Q1-2021 benefited from higher production and higher gold price THREE MONTHS ENDED THREE MONTHS ENDED INSIGHTS (NOMINAL) ($/oz) 1. Decreased due to higher production at lower cost mines despite higher royalty Mar. 31, Mar. 31, Mar. 31, Mar. 31, Δ/oz Q1-21 rates. 2021 2020 202
Slide 58: Free Cash Flow
FREE CASH FLOW Increase in free cash flow due to higher production and gold prices THREE MONTHS ENDED Mar 31, Dec. 31, Mar. 31, Δ Q1-21 190m In US$ million unless otherwise specified. 2021 2020 2020 vs. Q1-20 ALL-IN SUSTAINING MARGIN Less: Non-sustaining capital 333 (57) 341 (39) 113 (18) 220 (39) +
Slide 59: Net Debt and Liquidity Analysis
NET DEBT AND LIQUIDITY ANALYSIS Balance sheet remains healthy INSIGHTS Net Cash Variation Analysis › Healthy leverage ratio of 0.16x at quarter-end despite absorbing approximately $332m of Net Debt from ($4m) Teranga. ($105m) $65m › Along with the completion of the Teranga acquisition on $198m Febru
Slide 60: Details by Mine and Project
DETAILS BY MINE AND PROJECT 4 60
Slide 61: Diversified Portfolio of Seven Mines
DIVERSIFIED PORTFOLIO OF SEVEN MINES MINE GOLD M&I M&I RESOURCE AISC1 RESERVES RESERVE GRADE NAME COUNTRY PRODUCTION1 RESOURCES GRADE (US$/oz) (Moz) (g/t) (koz) (Moz) (g/t) Houndé Burkina Faso 250 880 2.58 1.74 4.58 1.74 Ity Côte d’Ivoire 240 825 2.75 1.58 3.76 1.52 Karma Burkina Faso 85 1,260 0.16
Slide 62: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Senegal 310-330koz $690-740/oz 4.8Moz 6.6Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a Plant expansion to accommodate the Mas
Slide 63: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Phase 1 expansion to debottleneck the plant back-end and increase Resources shown Tonnage Grade Content output by ~90kozpa inclusive of Reserves (Mt) (Au g/t) (Au koz) Proven Reserves 17.3 1.
Slide 64: Sabodala-Massawa Exploration Budget
EXPLORATION BUDGET $13 million for 2021 SABODALA-MASSAWA MINE SHORT-TERM PRIORITIES Senegal Discovery of additional non-refractory ore resources Define new resources on near-mine targets Explore various deposits at depth MAIN AREA OF FOCUS Sofia Samina Massawa Central Tina Various other prospects, l
Slide 65: Sabodala-Massawa Phase 1 Expansion
SABODALA-MASSAWA PHASE 1 EXPANSION PHASE 1 UNDERWAY TO ASSIST IN DEBOTTLENECKING THE PLANT BACK-END › Phase 1 construction is progressing as planned. The electrowinning cell has been commissioned earlier than planned and the installation of a carbon regeneration kiln, an acid wash and elution circui
Slide 66: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Senegal PHASE 1 UNDERWAY TO ASSIST IN DEBOTTLENECKING THE PLANT BACK-END Package 2: Concrete foundations for carbon regeneration kiln Package 3: Concrete foundation for the acid wash and elution columns Package 2/3: Acid wash and elution columns and carbon regeneration kiln Pac
Slide 67: Sabodala-Massawa Phase 2 DFS
SABODALA-MASSAWA MINE Senegal DFS FOR PHASE 2 IS UNDERWAY AND DUE FOR COMPLETION IN Q4-2021 • Improved geometallurgical modelling incorporating a wider range of elements into the resource block model, to Phase 2 of the expansion will add a new refractory ore improve the quality of the mill feed blen
Slide 68: Sabodala-Massawa Mine Q1-2021 KPIs
SABODALA-MASSAWA MINE Q1-2021 vs Q4-2020 Endeavour’s new flagship mine INSIGHTS › Production slightly decreased, despite a slight increase in the gold recovery rate, due to a decrease in the throughput rate and lower average processed grades. › The AISC increased due to the higher sustaining capital
Slide 69: Ity Mine
ITY MINE Côte D’Ivoire 230-250koz $800-850/oz 2.7Moz 3.8Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerstone assets, it has the longest The CIL plant was successfully built
Slide 70: Ity Mine
ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Commencement of mining Le Plaque and continued inclusion of new Resources shown Tonnage Grade Content discoveries inclusive of Reserves (Mt) (Au g/t) (Au koz) • Greater mining and processing flexibi
Slide 71: Ity Production Plan
ITY MINE Côte D’Ivoire CPR Ity production plan Incremental production added 2017 Optimization Study 300koz 250koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion +236Koz Incremental production 200koz of next
Slide 72: Ity Exploration Success
EXPLORATION SUCCESS 2.1Moz discovered since 2016 ITY MINE EXPLORATION BUDGET Côte D’Ivoire $9 million for 2021 SHORT-TERM PRIORITIES Maintain +10-year mine life MAIN AREA OF FOCUS Le Plaque West Flotouo (Verse Ouest) Daapleu SW Daapleu Deep Walter Bakatouo Deep Yopleu-Legaleu Walter 72
Slide 73: Ity Mine: Le Plaque
ITY MINE Côte D’Ivoire LE PLAQUE INSIGHTS Exploration to continue to focus on the Le Plaque discovery • Continued low discovery cost of <$20/oz Le Plaque targets • Significantly higher grade ounces added as Le Plaque’s M&I resource grade is 2.66g/t Au compared to 1.29g/t Au for the Ity mine M&I reso
Slide 74: Ity Mine Q1-2021 Performance
Q1-2021 vs Q4- ITY MINE 2020 INSIGHTS Processed grades increased due to higher grade ore from the Bakatouo pit › Production significantly increased due to the Production and AISC higher throughput, higher processed grades, as Production, koz AISC, US$/oz well as higher plant recovery rate. › AISC pe
Slide 75: Houndé Mine
HOUNDÉ MINE Burkina Faso 240-260koz $855-905/oz 2.6Moz 4.6Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s cornerstone The goal is to delineate sufficient additional r
Slide 76: Houndé Mine
HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Potential to integrate new discoveries and Golden Hill deposits Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) • Greater mining flexibility with multiple availa
Slide 77: Houndé Production Plan
HOUNDÉ MINE Burkina Faso CPR Houndé production plan Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion +325Koz 250Koz Incremental production of next 5
Slide 78: Houndé Exploration Success
EXPLORATION SUCCESS 2.6Moz discovered since 2016 HOUNDÉ MINE EXPLORATION BUDGET Burkina Faso $7 million for 2021 SHORT-TERM PRIORITIES Maintain +10-year mine life MAIN AREA OF FOCUS Kari Area Dohoun and Sia/Sianikoui Vindaloo Mambo 78
Slide 79: Houndé Mine: Kari Area Permit
HOUNDÉ MINE INSIGHTS Kari Area permitted as extension of Houndé on expedited timeline › Permit extension granted covering the Map of Houndé Mining Permits full Kari area › Permit includes the Kari Pump, Kari West and Kari Center, Kari Gap and Kari South › Permit granted as an extension of the 2003 M
Slide 80: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate within the Houndé mine plan HOUNDÉ MINE Burkina Faso GOLDEN HILL PROJECT › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30km) of Endeavour’s Houndé mine › Potential for development as a satellite deposit › Expansive
Slide 81: Houndé Mine Q1-2021 Performance
Q1-2021 vs Q4- HOUNDÉ MINE 2020 INSIGHTS Kari Pump ore blended with increased amounts of fresh ore from other pits › Production decreased due to the scheduled increase in Production and AISC waste stripping, mining lower grade ore, as well as lower recovery rates associated with the reduction in Pro
Slide 82: Wahgnion Mine
WAHGNION MINE Burkina Faso 140-155koz $940-990/oz 1.4 Moz 2.1 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine offers Since commercial production was achieved, generative
Slide 83: Wahgnion Mine
WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Greater mining flexibility following commissioning of On a 100% basis satellite deposits Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) • Pit optimisation and sequencing foll
Slide 84: Wahgnion Exploration Budget
EXPLORATION BUDGET $12 million for 2021 WAHGNION MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Discovery of additional satellite deposits within trucking distance MAIN AREA OF FOCUS Nogbele, Nogbele North and Nogbele South Fourkoura deposit Hillside target Kafina West Korindo
Slide 85: Wahgnion Mine Q1-2021 Performance
Q1-2021 vs Q4- WAHGNION MINE 2020 INSIGHTS Higher average grades processed in Q1-2021 › Production increased due to a higher average processed grade as recovery rates and throughput remained flat. › The AISC decreased due to the lower sustaining capital, strip ratio and G&A unit costs which more tha
Slide 86: Mana Mine
MANA MINE Burkina Faso 170-190koz $975-1,050/oz 1.4 Moz 3.0 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the northern part Recent discoveries resulted in the development of
Slide 87: Mana Mine
MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through open pit and underground exploration On a 100% basis Resources shown Tonnage Grade Content • Cost optimization through procurement, inventory management and (Mt) (Au g/t) (Au koz) inclu
Slide 88: Mana Exploration Budget
EXPLORATION BUDGET $8 million for 2021 MANA MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Continue extending reserves of underground deposits Discovery of additional open pit oxide deposits within trucking distance MAIN AREA OF FOCUS Siou underground Wona underground Maoula K
Slide 89: Mana Mine Q1-2021 Performance
Q1-2021 vs Q4- MANA MINE 2020 INSIGHTS Better than scheduled mill throughput and grades › Production decreased due to the lower average • Production and AISC processed grades and decreased plant throughput rate. Production, koz AISC, US$/oz › AISC increased due to higher open pit unit mining costs a
Slide 90: Boungou Mine
BOUNGOU MINE Burkina Faso 180-200koz $690-740/oz 1.0 Moz 1.5 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high grade Mining activities recommenced in Q4-2020 following o
Slide 91: Boungou Mine
BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Discovery of new deposits to maintain higher grade profile On a 100% basis Resources shown Tonnage Grade Content • Brownfields drilling to re-optimise current pit designs and explore area inclusive of Reserves (
Slide 92: Boungou Exploration Budget
EXPLORATION BUDGET $7 million for 2021 BOUNGOU MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Discovery of new deposits outside mine fence Brownfields drilling to re-optimise current pit design and explore area in between east and west pit MAIN AREA OF FOCUS Boungou North Nato
Slide 93: Boungou Mine Q1-2021 Performance
Q1-2021 vs Q4- BOUNGOU MINE 2020 INSIGHTS Higher grade ore from West Pit brought forward to Q1- 2021 › Production decreased due to the lower plant Production and AISC throughput rate and lower average processed Production, koz AISC, US$/oz grade, while recovery rate remained flat. › AISC per ounce i
Slide 94: Karma Mine
KARMA MINE Burkina Faso 80-90koz $1,220-1,300/oz 0.2 Moz 1.9 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Karma mine is a low-grade heap In 2017, an optimization project was leach operation and con
Slide 95: Karma Mine
KARMA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through brownfield drilling On a 100% basis Resources shown Tonnage Grade Content • Drilling at Kao North and GG1 to assess additional heap leachable ore inclusive of Reserves (Mt) (Au g/t) (A
Slide 96: Fetekro Project
FETEKRO PROJECT $838/oz Côte D’Ivoire All-in Sustaining cost for life of mine EXPLORATION VALUE CREATION: FETEKRO CASE STUDY 10 year Invested $21m on exploration since 2018 Mine life Quickly moved from maiden resource to 2.5Moz of Indicated Resources within three years 2.1Moz of resources have been
Slide 97: Fetekro Project Quick Facts
FETEKRO PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 Ownership 80% EDV; 10% Gov. Côte d’Ivoire, 10% SODEMI Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIP Plant Resources shown Tonnage Grade Content LIFE OF MINE PRODUCTION
Slide 98: Fetekro Project Map
FETEKRO PROJECT Côte D’Ivoire Simplified map of the Fetekro property showing Lafigué FETEKRO IS OUR MOST ADVANCED GREENFIELD EXPLORATION PROPERTY Fetekro is located in north central Côte d’Ivoire, approximately 500km from Abidjan, within the northern end of the Oumé-Fetekro greenstone belt The Fetek
Slide 99: Fetekro: 2020 PEA vs 2021 PFS
FETEKRO PROJECT Côte D’Ivoire Fetekro 2020 PEA vs 2021 PFS PFS PEA VARIANCE ATTRACTIVE PROJECT PLANT TYPE, SIZE & CAPEX Plant type Gravity / CIP Gravity / CIL ECONOMICS Mill Type 3.0 1.5 +100% Upfront capital cost, $m 338 268 +26% LIFE OF MINE PRODUCTION Key changes incorporated in 2021 PFS Mine lif
Slide 100: Fetekro PFS Project Economics
FETEKRO PROJECT ATTRACTIVE PROJECT Côte D’Ivoire ECONOMICS 2021 Fetekro PFS Project Economics 2021 project economics are robust, with an attractive NPV and IRR being generated across a Gold Price $1,350/oz $1,500/oz $1,650/oz $1,800/oz range of gold prices PRE-TAX A total of 2.1Moz were converted in
Slide 101: Fetekro Project Economics
FETEKRO PROJECT ATTRACTIVE PROJECT Côte D’Ivoire ECONOMICS Contract mining operation with a maximum mining Schematic Fetekro Site Layout movement of 50Mt per year Ore will be processed via a 3.0 to 3.3 Mtpa processing plant. LOM plant feed: approximately 92% fresh ore and 8% oxide/transitional ore L
Slide 102: Fetekro Exploration Success
EXPLORATION SUCCESS 2.5Moz discovered since 2018 FETEKRO PROJECT EXPLORATION BUDGET Côte D’Ivoire $7 million for 2021 SHORT-TERM PRIORITIES Further extend Lafigue resources Several additional exploration targets within 10km of Lafigué, which have received limited drilling Continue to add reserves ah
Slide 103: Kalana Project
KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 Ownership 80% EDV; 20% Mali government Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown Tonnage Grade Content LIFE OF MINE PRODUCTION inclusive of Rese
Slide 104: Kalana Project Economics
ACCRETIVE ACQUISITION KALANA PROJECT WITH ATTRACTIVE Mali ECONOMICS 2021 Kalana PFS Project Economics › Purchased for $122m (7m shares) in mid- 2017 Gold Price $1,350/oz $1,500/oz $1,650/oz $1,800/oz › Attractive purchase price of 0.4x project NAV PRE-TAX › At the time, Kalana was the only project N
Slide 105: Kalana Updated Resource Model
UPDATED RESOURCE KALANA PROJECT MODEL AND INCLUSION Mali OF KALANAKO IN 2021 PFS Kalana 2016 vs. 2021 Study Comparison1 2021 STUDY 2016 STUDY VARIANCE › Key changes in updated PFS compared to PLANT SIZE & CAPEX the 2016 Avnel study: Nominal mill capacity, Mtpa 3.0 1.2 +150% Upfront capital cost, $m
Slide 106: Kalana 2021 Updated PFS
KALANA PROJECT 2021 UPDATED PFS Mali INSIGHTS Kalana Site Layout › 2021 Study is based on a contract-mining operation with a maximum mining movement of 30Mt per year › The plant nameplate capacity of 3.0Mtpa, if fed with fresh rock, and 3.8Mtpa if fed with oxide ore › LOM plant feed: 27% oxide, 9% t
Slide 107: Kalana: Increase Resource Base
AIM TO INCREASE KALANA PROJECT RESOURCE BASE FOR Mali PROJECT Kalana license and exploration targets › Discovery of additional deposits may provide an extension of the Kalana mining operation. In addition, potential high-grade free-digging soft material may provide further operating flexibility › Th
Slide 108: Bantou Project
INSIGHTS Acquired through Endeavour’s acquisition of SEMAFO in 2020 BANTOU PROJECT Burkina Faso Currently consists of eight mineralized zones with diverse mineralization styles and grades The Bantou gold zone is part of the Dynikongolo permit which was transferred to SEMAFO in April 2013, through th
Slide 109: Bantou Project
INSIGHTS In 2019, a total 96,669m were BANTOU PROJECT drilled at Bantou. Bantou Nord Burkina Faso alone accounted for 15,031m which was part of an effort to rapidly outline the extent of the mineralized zone and Bantou deposit cross-section allow for a preliminary resource calculation. For 2021, a b
Slide 110: Nabanga Project
INSIGHTS › Located 250 kilometres southeast of Ouagadougou, the Nabanga Gold Project lies within the Nabanga NABANGA PROJECT Burkina Faso exploration permit. › Results of Preliminary Economic Assessment (PEA) released on September 30, 2019. Nabanga deposit cross-section ‒ Pre-tax NPV of $147m and af
Slide 111: Greenfield Afema
INSIGHTS › Location and Ownership: ‒ Located in SE Côte d’Ivoire at the GREENFIELD AFEMA Côte D’Ivoire intersection of two gold- enriched Ghanaian greenstone belts ‒ JV formed December 2017 – 51%, earning 70% › New Discovery – Woulo Woulo ‒ Continued geological and structural evaluations to expand o
Slide 112: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect GREENFIELD AFEMA › Continued geological and Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization at newest discovery – the Woulo Woulo prospect › Average 4
Slide 113: Greenfield Afema
INSIGHTS › Gold-in-Soil Geochemical Plan Map GREENFIELD AFEMA › Clearly defines the +20 km Gold-in-Soil Geochemical Plan Map Côte D’Ivoire strike extensions of both the Niamienlessa structural trend and the Afema shear zone › Also defines a series of smaller, yet significant, anomalies including +3.
Slide 114: Greenfield Sissedougou / Mankono
JV WITH BARRICK GOLD › Drill results suggest the presence of an 800-metre Côte D’Ivoire GREENFIELD SISSEDOUGOU / MANKONO mineralized structure at Sissedougou with best drill results of: ‒ 34.6 m @ 2.08g/t Au at 74.6m, including 1.0m @ 31.52g/t Au ‒ 18.8 m @ 2.30g/t Au at 26.1m ‒ 23.0 m @ 2.14g/t Au
Slide 115: Greenfield Liguidi
115 GREENFIELD LIGUIDI Burkina Faso
Slide 116: Greenfield Nassile / Da-Guity
INSIGHTS › Full review of country prospectivity conducted in Niger GREENFIELD NASSILE / DA-GUITY 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695km² 116
Slide 117: Greenfield Siguiri Licenses
117 GREENFIELD SIGUIRI LICENSES Guinea
Slide 118: Greenfield Kofi
INSIGHTS › Kofi on same trend as Barrick’s Loulo- Mali GREENFIELD KOFI Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 118
Slide 119: Being a Trusted Partner
BEING A TRUSTED PARTNER SS ie ae SS SO ee
Slide 120: Embedded the UN SDGs into Our ESG Strategy
EMBEDDED THE UN SDGS INTO OUR ESG STRATEGY United Nations 75% of our top 20 institutional shareholders are signatories of the PRI, the UN-backed Principles of Responsible Investment 2021 Target to become members of the The UN Sustainable Development Goals UN Global Compact (SDGs) are a universal set
Slide 121: Implementing Our Purpose
IMPLEMENTING OUR PURPOSE SUPPORTED BY STRONG ETHICS AND GOVERNANCE OUR PURPOSE PARTNERING WITH OUR HOSTS TO PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY INVESTING IN PROTECTING OUR OUR HOST COUNTRIES ENVIRONMENT We do so while protecting and promoting the places where we operate. Respect for
Slide 122: Our Sustainability Strategy
OUR SUSTAINABILITY STRATEGY paiement . we Implementing tee, ae a 42a see — sustainability projects across ~ ~ national and regjonal levels OUR AMBITION FOR OUR ESG MISSION INVESTING IN AND PROCESS TO BE IMPLEMENTED ACROSS OUR OUR HOST COUNTRIES MINES, HOST COMMUNITIES AND BEYOND e Ss “ECODEV wh PROT
Slide 123: Investing in Our Host Countries
INVESTING IN OUR HOST COUNTRIES 123
Slide 124: Strong Stakeholder Engagement
85% 936 Community Consultations in 2020 Grievances resolved STRONG STAKEHOLDER 4,516 Since 2018 70% ENGAGEMENT Grievances resolved in a timely fashion THE CORNERSTONE OF OUR ESG STRATEGY Fostering regular, open communication with our local communities is key to obtaining broad-based community suppor
Slide 125: How We Invest in Our Host Countries
HOW WE INVEST IN OUR HOST COUNTRIES ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT LOCAL CONTENT STRATEGY ECODEV ECONOMIC CONTRIBUTION Provide employment opportunities to nationals Invest in and support the development of Support host governments through sustainable businesses in lin
Slide 126: Malaria Is a Preventable Health Issue in Africa
409,000 94% HEALTH: Malaria deaths worldwide2 Of malaria cases and deaths MALARIA A are in Africa3 PREVENTABLE HEALTH ISSUE IN AFRICA Malaria has a particularly high prevalence rate in West Africa 229 Every 2 and the Sahel, and is both highly preventable and highly treatable with Million cases of ma
Slide 127: Health: The Fight Against Malaria
HEALTH: THE FIGHT AGAINST MALARIA FOCUSING ON OUR MINES AND COMMUNITIES › Malaria Control Programs across all our sites › Concerted effort leads to success => -36% ~2,000 10% › At Houndé, cases down 80% from 2018 Decrease in Group work days lost 2021 Target malaria incidence annually as a result › A
Slide 128: Access to Clean Water
27% People living in Sub-Saharan Africa who have access to drinking water from an ACCESS TO improved water source CLEAN WATER Poor water and sanitation access is a key contributor to Sub-Saharan Africa's 25% disease burden, including malaria, and People living in Sub-Saharan Africa who significantly
Slide 129: Access to Clean Water
ACCESS TO CLEAN WATER Ensuring safe water, sanitation and hygiene for the most vulnerable communities 220,000 101 Women impacted in Cascades Region Health centers supported to provide WASH 3-YEAR PARTNERSHIP infrastructure, quality of care and local development • Focused on the Cascades region, near
Slide 130: Education: Equal Access to Schooling
16.5% Boys outside of primary school, Sub-Saharan Africa EDUCATION: EQUAL ACCESS TO SCHOOLING 20.8% Girls outside of primary school, Education is a key to social mobility Sub-Saharan Africa In our region of operation, access to education is the lowest in the world – and shows a particularly stark di
Slide 131: Education
EDUCATION “Education is the most powerful weapon which you 114 can use to change the world” Scholarships awarded since 2017 NELSON MANDELA We have a range of education initiatives in place: ~550 › Internships Internships since 2018 › University scholarships › Secondary school scholarships › E-learni
Slide 132: Ensuring Employment Opportunities
ECONOMIC DEVELOPMENT 82.8% Adults in Africa working in the ENSURING informal sector3 EMPLOYMENT OPPORTUNITIES In terms of GDP per capita, Africa is the poorest continent on earth, and is more dependent on informal employment 34.5% People in Africa living in than anywhere else. extreme poverty (<$1.9
Slide 133: Growing Our Local Talent
ECONOMIC DEVELOPMENT MINE GENERAL MANAGERS SENIOR MANAGERS 90 70 80 60 70 50 60 50 40 40 30 GROWING OUR 30 20 20 LOCAL TALENT 10 10 0 0 1 2018 2019 2020 H1-21 1 2018 2019 2020 H1-21 We are a major employer in Côte d’Ivoire, Non-African Expats African Nationals Non-African Expats African Nationals Se
Slide 134: Developing Our Local Talent
DEVELOPING OUR LOCAL TALENT Economic development EDV CARE EDV REWARDS EDV ACADEMY EDV NEXT › Providing a healthy work › Rewarding our › Promoting skills › Identifying current & living environment at employees for going development & and future leaders & our sites, e.g. soccer above and beyond, train
Slide 135: ECODEV Is an Economic Development Fund
Established by Endeavour to support local economic growth by promoting and investing in the creation of local long-term, sustainable, small and medium enterprises with ECODEV reputable partners IS AN ECONOMIC DEVELOPMENT FUND MISSION › Invest to champion emergence of national economic flagships › Pr
Slide 136: Building Mali's Shea Nut Industry
BUILDING MALI'S SHEA NUT INDUSTRY BY LAUNCHING ITS FIRST SHEA BUTTER FACTORY Mali is the 2nd largest producer of FUNDING PARTNERS shea nut and accounts for ~20% global supply of shea › $1 million invested by Endeavour 120,000 PARTNERS Shea butter is used in the cosmetic › Omnium Mali Women with incr
Slide 137: Ranch du Tuy
ECONOMIC DEVELOPMENT 4,000 Cattle and feed suppliers impacted RANCH DU TUY › A feedlot sourcing lean cattle & feed from local farmers Developing a regional leader in quality beef production in Burkina › A refrigerated slaughterhouse to transform and package Faso, & supporting the the meat Government
Slide 138: Leveraging Our Supply Chain to Support Local Economies
LEVERAGING OUR SUPPLY CHAIN TO SUPPORT LOCAL ECONOMIES ECONOMIC DEVELOPMENT › Supply chain re-orientated towards West Africa since 2019 › Strategy reaped benefits during COVID-19 $622M 74% 2,031 pandemic with no major disruptions to key equipment and supplies In-country of total budget spent Nationa
Slide 139: Developing Local Economies
DEVELOPING LOCAL ECONOMIES OUR CONTRIBUTION 2017 - 2020 66% $27/oz As Endeavour has Increase in Economic invested in 2020 in grown, so have $796M Value Distributed in community project & the benefits to our Payments to host governments1 2020 vs. 2019 the Local Mining host countries Development Funds
Slide 140: Protecting Our Environment
PROTECTING OUR ENVIRONMENT 140 140
Slide 141: Our Journey to Net Zero by 2050
OUR JOURNEY TO NET ZERO BY 2050 2017- 2019 2020 2021 2023 2030 › Started reporting › Started reporting › Carbon reduction › Expanding Scope Scope 1 & 2 Scope 3 strategy => 3-YR 3 to include executive comp. KPI Top 10 suppliers › Reviewed renewable › Progressing Hounde energy opportunities solar plan
Slide 142: Snapshot of Our Power Generation
SNAPSHOT OF OUR POWER GENERATION ENVIRONMENT SENEGAL Country Profile • Carbon-intensive grid • 87% fossil fuel - 9% hydropower solar and biofuels Mines & main power source • Sabodala-Massawa - HFO TRANSFORMATION OF OUR PORTFOLIO AS WE HAVE GROWN CÔTE D’IVOIRE BURKINA FASO Country Profile Country Pro
Slide 143: 2020 Scope 1 & 2 Emissions
IN 2020, ENDEAVOUR REPORTED TOTAL OF 739 KTCO2E FOR SCOPE 1 & 2 Our current portfolio’s 2020 emissions breakdown by source SCOPE 1 Emissions from managed operations, including mines, processing and power Mining Power equipment 660 Or 92% of Scope kTCO2e in 20201 1 & 2 emissions 20 739 79 3% 3% Other
Slide 144: Greenhouse Gas Emissions Intensity Ranks Favourably
2020 GHG EMISSIONS INTENSITY Emissions intensity (kgCO2eq/oz) ENDEAVOUR'S GREENHOUSE GAS EMISSIONS INTENSITY RANKS FAVOURABLY IN COMPARISON TO PEERS TOTAL GHG EMISSIONS Emissions intensity (kgCO2eq/oz) Total GHG emissions 300 900 Gold mining industry intensity average IN 2020, ALL ENDEAVOUR 727 800
Slide 145: Eight Levers to Reduce Greenhouse Gas Emissions
WE HAVE IDENTIFIED EIGHT LEVERS TO REDUCE GREENHOUSE GAS EMISSIONS, WITH OFFSETS AVAILABLE AS A COMPLEMENTARY OPTION EMISSIONS FROM MINING EQUIPMENT EMISSIONS FROM ELECTRICITY OFFSET Fleet improvement Fleet replacement INVEST IN NEW COMPENSATE TURN TO MORE SWITCH TO INCREASE CLEANER USE CLEANER OPTI
Slide 146: Identified CO2 Reduction Levers for Each Mine
IDENTIFIED CO2 REDUCTION LEVERS FOR EACH MINE MINES EMISSIONS FROM MINING EQUIPMENT EMISSIONS FROM ELECTRICITY Turn to Switch to Use cleaner Optimize more efficient hybrid & electrical Increase Cleaner New generators Asset fuels2 fleet use engines fleet process efficiency existing generators Renewab
Slide 147: Solar Project in Burkina Faso
SOLAR PROJECT IN BURKINA FASO Hounde - The first step of our solar journey HOUNDÉ ENVISAGED POWER SET-UP KEY INSIGHTS › Strong economic rationale: potential to reduce power costs by 20-35% HOUNDÉ SOLAR POWER PLANT › Strong environmental rationale: expected Solar Power Plant to reduce Houndé’s Scope
Slide 148: Water Stewardship
25,000 25,000 Data includes FY-20 for Boungou, 21,740 Mana and TGZ assets 20,000 20,000 15,000 13,166 15,000 Total withdrawal (ML) WATER Withdrawal intensity/gold 10,000 10,000 STEWARDSHIP produced (L/oz) 5,000 5,000 Our water stewardship strategy aims to 14,094 20,781 - - ensure we have enough wate
Slide 149: Biodiversity
BIODIVERSITY PROTECTING & PRESERVING AFRICA’S FAUNA & FLORA The African continent is experiencing a dramatic loss of biodiversity due to climate ITY MINE PARTNERSHIP WITH PARTNERSHIP WITH PANTHERA change, human population dynamics, and UNIVERSITY OF DALOA, COTE habitat loss. D’IVOIRE › Panthera focu
Slide 150: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT Participate in the Investor Mining and Tailings Safety Initiative (Church of England), with annual disclosure on our website Knight Piésold are our Engineers of Record and all TSFs are monitored daily, with annual audits Monitoring data collected at least on monthly t
Slide 151: Plastic Waste Reduction and Recycling
MID-2000S Date when the total tonnage of plastic in the ocean will exceed the total tonnage of fish1 PLASTIC 1/3 Amount of time it takes plastic Plastic waste reduction to biodegrade4 and recycling LESS THAN 15% The vast majority of plastic waste ends Of waste plastics are recycled in Africa (vs. 42
Slide 152: Joining the Fight Against Plastic Pollution
JOINING THE FIGHT AGAINST PLASTIC POLLUTION IF WE FAIL TO ACT NOW, THERE WILL BE MORE PLASTIC THAN FISH IN THE OCEAN BY 2050 PARTNERSHIP WITH PLASTIC ODYSSEY › Plastic Odyssey is a global project to reduce plastic pollution ALL OUR SITES › Develops low-tech solutions for recycling have plastic manag
Slide 153: Strong Governance and Ethics
STRONG GOVERNANCE AND ETHICS 153 153
Slide 154: Human Rights
HUMAN RIGHTS Respecting the human rights of our workers and the communities who 2021 Initiative 81% could be impacted by our activities of security personnel who received is a fundamental value at Endeavour. training on Endeavour’s human rights policies and procedures We seek to ensure that we do no
Slide 155: Targeting Zero Harm - Safety
TARGETING ZERO HARM - SAFETY Regrettably, we did not deliver on our goal of Zero Harm as Robert Nacoulma, a contractor at our Karma mine was fatally injured in a work-related accident. LTIFR AIFR 0.2 7.00 8% decrease in 0.18 0.16 5.74 6.00 All Injury Frequency Rate (AIFR) 5.00 0.14 in 2020 0.12 3.99
Slide 156: Targeting Zero Harm – COVID-19 Response
TARGETING ZERO HARM – COVID-19 RESPONSE KEEPING OUR WORKERS AND COMMUNITIES SAFE EARLY AND STRONG RESPONSE ZERO $6.0m Donated in medical equipment & supplies, DURING THE financial assistance, micro-finance & COVID-19 PANDEMIC Significant COVID-19 e-learning to support the fight related disruptions a
Slide 157: Diversity and Inclusion
21% New hires in 2020, of which 49% in our exploration department and 18% at our mines DIVERSITY AND INCLUSION CHAMPIONING DIVERSITY & INCLUSION THROUGH OUR ACTIONS: 22% › We have women in mining groups at Women in management positions at our our mines corporate offices in 2020, reflecting the histo
Slide 158: Corporate Governance
CORPORATE GOVERNANCE Size of Board Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting 11-10 1 Metals & Mining Finance International Business Operations & Exploration Corporate Governance Independent non- Executive Public Policy Human Resources Sustaina
Slide 159: Rigorous Reporting with Board Oversight
RIGOROUS REPORTING WITH BOARD OVERSIGHT ALIGNING ESG PRIORITIES & BEHAVIOUR THE BOARD THROUGH EXECUTIVE COMPENSATION Environment, Sustainability Quarterly Audit Committee & Governance Committee Reports Short Term Long Term Executive Management Committee 2020 20% weighting 12.5% weighting • Safety Ex
Slide 160: Transparent and Comprehensive Reporting
TRANSPARENT AND COMPREHENSIVE REPORTING BASED ON BEST PRACTICE Our ESG reporting is grounded in both leading industry-specific frameworks and widely recognized reporting standards Improved CDP Climate Change score Commenced reporting in line with TCFD from D- to C in our 2020 Sustainability Report W
Slide 161: Progressing Implementation of the RGMPs
PROGRESSING IMPLEMENTION OF THE RGMPS THE RESPONSIBLE GOLD MINING PRINCIPLES (RGMPS) 3-YEAR APPROACH TO CONFORM RGMPs launched in September 2019 2019 Internal GAP analysis completed by December 2020 Achieved external assurance on first RGMP: 1.7 2020 Independent Readiness Assessment on all 51 Princi
Slide 162: Our 2021 ESG Targets
OUR 2021 ESG TARGETS HEALTH & SAFETY OUR EMPLOYEES OUR ENVIRONMENT OUR COMMUNITIES ETHICAL BUSINESS › Zero fatalities › Establish Endeavour’s › Develop & implement an › Establish the Endeavour › Commence the process values & culture across Emissions Reduction Foundation, the Group’s to become member
Slide 163: Appendix
APPENDIX FT / 2) Es y
Slide 164: Appendix 1: Board and Analyst Coverage
01 APPENDIX 1 Board and Analyst Coverage
Slide 165: Board Members
BOARD MEMBERS Michael Beckett Alison Baker Carmen Letton David Mimran Tertius Zongo Chairman Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director James Askew Livia Mahler Naguib Sawiris Sofia Bianchi Sébastien de Montessus Non-executive D
Slide 166: Analyst Coverage
ANALYST COVERAGE Firm Analyst Phone Email Bank of America Lawson Winder ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Barclays Amos Fletcher ✆ +44 207 773 2225 ✉ amos.fletcher@barclays.com Berenberg Jonathan Guy ✆ +44 203 753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bm
Slide 167: Appendix 2: Financial Appendices
02 APPENDIX 2 Financial appendices
Slide 168: Production and Cost Details by Mine
PRODUCTION AND COST DETAILS BY MINE On a full year basis AGBAOU ITY CIL KARMA HOUNDÉ MANA BOUNGOU (on a 100% basis) FY-20 FY-19 FY-20 FY-19 FY-20 FY-19 FY-20 FY-19 FY-20 FY-20 Physicals Total tonnes mined – OP1 000t 22,159 25,349 23,469 14,053 19,158 19,435 43,495 38,194 24,502 2,534 Total ore tonne
Slide 169: Cost Analysis Sensitivities
COST ANALYSIS SENSITIVITIES EXCHANGE RATE SENSITIVITY EURO/USD INDICATIVE COST STRUCTURE US$/oz Based on Q1-2021 Site-level AISC, excluding non-cash and other Group adjustments -$24/oz $24/oz ±5% Group -$47/oz $47/oz ±10% Processing costs 26% COST SENSITIVITY TO FUEL PRICE For a ±10% change in fuel
Slide 170: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF 170 FINANCIAL POSITION
Slide 171: Consolidated Statement of Comprehensive Earnings/Loss
CONSOLIDATED STATEMENT OF 171 COMPREHENSIVE EARNINGS/LOSS
Slide 172: Cash Flow Statement
CASH FLOW STATEMENT THREE MONTHS ENDED March March 31, Lo ae 2020 Operating Activiti Earnings from continuing operations before taxes 199,838 47,398 Adjustments for: Depreciation and depletion 122,611 42,928 Finance costs 6 12,318 11,503 Share-based compensation 4 7,955 1,623 {Gain)/loss on financia
Slide 173: Appendix 3: Reserves and Resources, 5-Year Exploration Target and Security
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 174: Reserves and Resources
RESERVES AND RESOURCES As of December 31, 2020 On a 100% basis On a 100% basis On a 100% basis Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/t) (Au koz) i
Slide 175: Selection, Ranking and Risk Evaluation of Exploration Targets
UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to: ‒ Current state of project knowledge (from grassroots to development) ‒ Quality of supporting data (drilling, available nearby analogs, structural trends, favo
Slide 176: 5-Year Exploration Targets by Area
UNLOCK EXPLORATION VALUE 5-year exploration targets by area Indicated discovery target by area as published in November 20161 10-15Moz Excludes assets acquired in SEMAFO and Teranga transactions. Updated targets expected to be published in 2021 4.0-6.0Moz 4.0-6.0Moz 5-year Indicated Resource discove
Slide 177: Security Team Is Structured as Its Own Business Unit
SECURITY SECURITY Significant foreign aid and co-operation amongst West SECURITY TEAM IS African nations STRUCTURED AS ITS OWN BUSINESS UNIT › Security unit structured as a business unit, led by ex-French military › Air strips on sites to avoid use of roads and improve operating efficiencies › Stron
Slide 178: Appendix 4: Debt Sources and ROCE
04 APPENDIX 4 Debt Sources and ROCE
Slide 179: Refinanced Using Diversified Debt Sources
Diversified debt with low interest cost and savings on refinancing of Teranga debt REFINANCED USING 1) $430m REVOLVING CREDIT FACILITY DIVERSIFIED DEBT › Interest rate of LIBOR plus 2.95% to 3.95% on drawn portion and 1.03% on undrawn portion › Syndicate banks include Citi, Barclays, ING, Investec,
Slide 180: Return on Capital Employed
Strong focus on demonstrating returns following investment phase ITY ROCE HOUNDE ROCE RETURN ON CAPITAL EMPLOYED 44% 35% 2020 Return on Capital Employed (ROCE) by asset 27% 28% 6% 14% Karma 2018A 2019A 2020A 2018A 2019A 2020A 6% Houndé Ity 23% BOUNGOU ROCE MANA ROCE KARMA ROCE 20% Capital Employed M
Slide 181: Contact Us
®) ENDEAVOUR MINING | CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 87